Flex Posted September 28, 2006 Report Share Posted September 28, 2006 28/09/2006 NZPA Fonterra has entered into a conditional agreement to sell the company that markets Horley's drinks for $7.8 million. Naturalac Nutrition Limited (NNL) would be sold to Etika (NZ) Ltd, a subsidiary of Etika International Holdings Ltd which listed in Singapore, with operations based in Malaysia. The transaction is conditional on the approval of Etika shareholders. NNL, which markets branded sports nutrition and weight management products under the Horleys brand name, was acquired by Fonterra through foundation company Kiwi Co-operative Dairies Ltd. Fonterra said NNL did not fit well with its new portfolio. http://xtramsn.co.nz/businessandmoney/0 ... 7950ea6164 Quote Link to comment Share on other sites More sharing options...
Pseudonym Posted September 28, 2006 Report Share Posted September 28, 2006 Ooh, so that deal's finally gone through? I asked Horleys about it just the other day when I phoned to ask if they wanted to continue supporting us (they do!). They said a deal was close, but they wouldn't give me any more detail than that. So thanks, Flex - thats very interesting.Here's another article with some more info:Agreement on sale of Naturalac Nutrition Limitedhttp://www.scoop.co.nz/stories/BU0609/S00455.htmWednesday, 27 September 2006, 4:34 pmPress Release: Fonterra Media Release27 September 2006Fonterra and Etika (NZ) Ltd reach agreement on sale of Naturalac Nutrition Limited (Horleys)Fonterra confirmed today that it has entered into a conditional agreement to sell Naturalac Nutrition Limited (NNL) to Etika (NZ) Ltd for $7.8 million.Etika (NZ) Ltd is a newly incorporated subsidiary of Etika International Holdings Ltd listed in Singapore, with operations based in Malaysia. The transaction is conditional on the approval of the shareholders of Etika International Holdings Ltd, which is listed on the Stock Exchange of Singapore.NNL, a marketer of branded sports nutrition and weight management products that trades under the Horleys brand name, was acquired by Fonterra through its legacy company Kiwi Co-operative Dairies Limited.Fonterra Brands Managing Director Sanjay Khosla said Fonterra decided to sell NNL because it did not fit well with its ‘Winning through Brands!’ strategy.“We are building a more focused portfolio and believe that there are better investment opportunities to create long term value for our shareholders”.Mr Khosla said Etika is well placed to build on NNL’s success and international growth. The sale is conditional upon Etika Shareholder approval and meeting Singapore Stock Exchange documentation.ENDS Quote Link to comment Share on other sites More sharing options...
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